Concerned Shareholders of PesoRama Deposit Winning Proxies

Proxy Vote Count Shows that all Concerned Shareholder Director Nominees will be Elected

TORONTO, Dec. 7, 2020 /CNW/ - Concerned shareholders (the "Concerned Shareholders") of PesoRama Inc. ("PesoRama"), led by The Ocean View Trust, a family trust of Rahim Bhaloo, the founder, a director and the former Chief Executive Officer of PesoRama, together with 2110958 Alberta Ltd., a company controlled by Mr. Bhaloo, announce that they have deposited proxies representing 23,627,405 class "A" common voting shares ("Common Shares") of PesoRama, representing 51.49% of the issued and outstanding PesoRama Common Shares, in support of the election of their proposed director nominees at the meeting of PesoRama shareholders scheduled for December 9, 2020 (the "Meeting").

As at today's 1:00 p.m. (MTN) deadline for the deposit of proxies, the Concerned Shareholders have sufficient votes to elect their proposed director nominees at the Meeting, and to defeat the nominees put forward by PesoRama's incumbent board of directors.

The Concerned Shareholders would like to thank PesoRama's shareholders, who have voiced their support for the Concerned Shareholders' recommended director nominees.  The Concerned Shareholders and their nominees look forward to ensuring that real and positive change is implemented.

Concerned Shareholders Will Continue to Fight to Ensure A Fair and Timely Vote

The Concerned Shareholders expect PesoRama to hold the Meeting at the time set out in PesoRama's management information circular, and will not hesitate to apply to court if PesoRama seeks to avoid the judgment of its shareholders. PesoRama's shareholders have spoken with their proxies and now it is time for the Meeting to occur and for shareholders to elect the directors of their choosing.

PesoRama is at a Critical Juncture

The resoundingly strong indications of support we have received from fellow shareholders reinforces our conviction that change is necessary and underscores the crucial need for all shareholders to take a stand now and vote.

Regardless of how many shares you own, ALL PesoRama shareholders are urged to read the information circular prepared by the Concerned Shareholders and to seize this opportunity. Shareholders who have voted the management proxy and who wish to support the Concerned Shareholders have the right to change their vote by simply revoking the management proxy, which nullifies a previously recorded vote.

If you have any questions or need assistance, please contact the Concerned Shareholders' proxy solicitation agent: Gryphon Advisors Inc. toll free at 1-833-261-9730 or by email at [email protected].

The Concerned Shareholders have beneficial ownership or control over 5,275,000 Class A common shares of PesoRama representing more than 11.49% of the Class A common shares of PesoRama.

Forward Looking Statement

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws, including, without limitation, the Concerned Shareholders' and PesoRama's respective priorities, plans and strategies. All statements and information, other than statements of historical fact, included herein are forward-looking statements, including, without limitation, statements regarding activities, events or developments that the Concerned Shareholders expect or anticipate may occur in the future. These forward-looking statements can be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "believe" or "continue" or similar words and expressions or the negative thereof. Such statements reflect the Concerned Shareholders' or the Concerned Shareholder nominees' current views and intentions with respect to future events and are subject to certain risks, uncertainties and assumptions. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur or, even if they do occur, will result in the performance, events or results expected. We caution readers not to place undue reliance on forward-looking statements contained herein, which are not a guarantee of performance, events or results and are subject to a number of risks, uncertainties and other factors that could cause actual performance, events or results to differ materially from those expressed or implied by such forward-looking statements. These factors include: changes in PesoRama's and the Concerned Shareholders' strategies, plans or prospects; general economic, industry, business, regulatory and market conditions; actions of PesoRama and its competitors; risks relating to government regulation and changes thereto; and the state of the economy including general economic conditions globally and economic conditions in the jurisdiction in which PesoRama's operates. These factors should not be construed as exhaustive. Readers are cautioned that all forward-looking statements involve known and unknown risks and uncertainties. We urge you to carefully consider those risks and uncertainties. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. Unless expressly stated otherwise, the forward-looking statements included herein are made as of the date of this news release and the Concerned Shareholders disclaim any obligation to publicly update such forward-looking statements, except as required by applicable law.

SOURCE Concerned Shareholders of PesoRama Inc.